>> How can anyone think about fundamentals with stocks like EBAY, EXPE, AMZN, and the like with such massive trailing multiples << Easy, I stick to gold stocks, utilities and natural gas plays. Have only shorted the QQQ's from time to time. Otherwise I'm almost always long something and have had a very good year. Nice to see you getting more and more into the golds in the last few months. (or maybe that's only msloft). Not sure.